Wockhardt returns to profit

Drug maker Wockhardt has returned to profitability in the fiscal fourth quarter, reporting a net profit of Rs 48 crore as compared to a net loss of Rs 15 crore in the corresponding quarter last year.
The company’s Ebitda remained largely flat at Rs 37 crore as against Rs 34 crore in the fourth quarter last year. Ebitda margin expanded to 4.6% from 3.5%.

The company’s R&D as a percentage of sales fell to 5.4% from 7% last year.
The company’s India business saw a de-growth compared to last year, owing to lower sales in the Quality Generics division, the company said in an exchange filing.

The board has also approved raising funds up to Rs 1,500 crore via equity shares, equity linked securities, QIP or any other combination thereof.
Shares gained as much as 5.2% to Rs 266.6, post the announcement.

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